Ice Network Unveils Strategic Halving Event, Transforming the Landscape of Cryptocurrency Mining
The Decentralised Ice Network Prepares for Halving Tomorrow, December 1, 2023, Reducing Mining Rates and Unveiling a Strategic Roadmap
In a major development for the cryptocurrency industry, the Ice Network, a decentralised platform allowing users to mine, earn, and utilise the ICE token, has revealed its eagerly anticipated halving event scheduled for December 1, 2023. This groundbreaking announcement signals a shift in the landscape of cryptocurrency mining, impacting the issuance rate of the ICE token and introducing a more structured halving schedule.
Launched on July 6, 2023, the Ice Mining app has swiftly garnered a robust community, boasting over half a million members across Telegram and the X App. Emerging as a formidable competitor to the Pi Network, Ice Network distinguishes itself by incorporating advanced features and prioritising high-level security protocols. Early adopters have seized the opportunity to accumulate ICE tokens, particularly in anticipation of the impending halving events that will inevitably alter the mining dynamics.
Halving, a pivotal term in the cryptocurrency lexicon, pertains to the reduction of the issuance rate of new coins. In the case of Ice Network, this translates to a decrease in the mining rate. The initial halving events were contingent upon the average number of daily active miners over the preceding 7 days, resulting in a reduction from 16 to 4 ICE tokens per hour.
| Daily active miners in the past 7 days | Mining Rate |
| 0 – 50,000 | 16 Ice per hour |
| 50,001- 250,000 | 8 Ice per hour |
| 250,001 – 1,000,000 | 4 Ice per hour |
However, the Ice team has now revealed a paradigm shift in their approach to subsequent halving events. Moving away from a reliance on active miner metrics, the network will now implement a predetermined schedule, enhancing predictability in coin distribution.
| Predetermined dates | Mining Rate |
| December 1, 2023 | 2 Ice per hour |
| March 1, 2024 | 1 Ice per hour |
| June 1, 2024 | 0.5 Ice per hour |
| September 1, 2024 | 0.25 Ice per hour |
This strategic adjustment aims to bring about a more transparent and fair financial system, aligning with Ice Network’s commitment to fostering a community of trust. As the mining rates undergo successive reductions, the platform encourages users to sign up and participate in the ongoing mining activities. The current price of ICE tokens will be determined during the mainnet launch, adding an element of anticipation for the growing community of Ice Network enthusiasts.
In the dynamic realm of cryptocurrency, the Ice Network’s innovative approach to halving events stands out as a testament to its commitment to longevity, fairness, and transparency. As the industry eagerly awaits the implementation of these changes, the Ice Network remains at the forefront of shaping the future of decentralised finance.
Ursula Gabuin Bih, a native of Cameroon, is a fervent supporter of cryptocurrencies and the latest technologies. She uses her knowledge in financial reporting to cover blockchain, Web3, and digital currency news for CAN News. She also holds a master’s degree in finance.
